XML FeedsOntario will give Terrace Bay Pulp $25 million
Nov 19, 2009 | In Funding Announcements | 1 feedback »
Yves Fricot, legal counsel for the Buchanan Group of Companies, has told the media that the provincial government of Ontario is about to give Terrace Bay Pulp a $25 million loan.
The loan is expected to help the mill complete financing, make arrangements with creditors and eventually re-open operations.
Ontario has yet to make an announcement regarding the loan.
With pulp prices increasing, the mill workers and union officials in Terrace Bay are eager to get the mill reopened.
"It’s a world-class mill with a world-class labour force," Fricot said. "It is able to produce pulp in world-class volumes. So it has all of the tools necessary to be successful in the long-run and if it was operating today it would be making money."
Source:
Mill getting $25M (TbNewsWatch)
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